Entire Section

  • PIN 8.1 PIN 8.1 Introduction

    • PIN 8.1.1 PIN 8.1.1

      This chapter applies to all Insurers, except for PIN Rule 8.5.1 which applies only to DIFC Incorporated Insurers.

      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
      [Amended] RM46/2007 (Made 5th July 2007). [VER6/07-07]

      • PIN 8.1.1 Guidance

        1. Group membership may be a source of both strength and weakness to an Insurer. The purpose of Group Risk requirements is to ensure that an Insurer takes proper account of the risks related to the Insurer's membership of a Group. The Group Risk requirements form a key part of the DFSA's overall approach to prudential supervision.
        2. An Insurer is subject to separate reporting requirements in respect of changes in its Controllers. Those requirements are set out in chapter 11 of GEN. It may be also be required to provide reports in respect of any Close Links it possesses.

        Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
        [Amended] RM46/2007 (Made 5th July 2007). [VER6/07-07]
        [Amended] DFSA GM8/2011 (Made 28th April 2011). [VER11/02-11]

    • PIN 8.1.2 PIN 8.1.2

      (1) If an Insurer is a member of a Financial Group and the DFSA considers it necessary to extend the scope of the Financial Group to include entities outside of the Financial Group to ensure appropriate Financial Group supervision, an Insurer must also include in the scope of the Financial Group any entity the DFSA may direct the Insurer in writing to include.
      (2) An Insurer may, for the purposes of this section, exclude from its Financial Group, any entity the inclusion of which would be misleading or inappropriate for the purposes of Financial Group supervision, provided the Insurer has obtained the DFSA's prior written approval to do so.
      (3) An Insurer must provide to the DFSA, where requested, information regarding other Group entities, the Group structure and the systems and controls in place to manage Group Risk.
      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
      [Amended] RM46/2007 (Made 5th July 2007). [VER6/07-07]

      • PIN 8.1.2 Guidance

        If more than one member of the same Group is subject to an obligation to provide information in respect of a position of the Group, one or more of those Authorised Firms may make application to the DFSA for an appropriate waiver or modification of these Rules.

        [Added] RM46/2007 (Made 5th July 2007). [VER6/07-07]

    • PIN 8.1.3

      In this chapter, a series of connected transactions between an Insurer and a Related party, or between an Insurer and parties who are Related to each other, is deemed to constitute a single transaction.


      Derived from DFSA RM06/2004 (Made 16th September 2004). [VER1/09-04]
      [Deleted] RM46/2007 (Made 5th July 2007). [VER6/07-07]